San Diego-based Halozyme Therapeutics (HALO) is taking the budget axe to its discovery and preclinical research operations, slashing about 30 jobs as it reduces its 139-person staff by roughly 25 percent. Dow Jones notes that as of the end of March, Halozyme had 110 people assigned to R&D, which is pushing three programs partnered with Roche and Baxter and three experimental proprietary products.
In a release, Halozyme makes clear that it plans to commit its resources to its core clinical-stage programs, reducing the need for discovery work as it pursues "key clinical inflection points in 2011 and 2012." And Halozyme still expects to record a net burn rate of $40 million to $45 million this year.
"A decade's worth of investment in discovery and preclinical research from 2000 to 2010 has resulted in two FDA approved products, three late stage product candidates with Roche and Baxter, and three exciting proprietary programs with best-in-class or first-in-class potential," says Halozyme CEO Jonathan Lim. "This development focused strategy combined with our partners' achievement of their publicly stated launch timelines, could enable Halozyme to achieve cash flow breakeven by as early as 2013."
- see the Halozyme release
- check out the story from Dow Jones